China Attracts More Overseas Capital for Port Construction

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Last updated at: (Beijing Time) Monday, June 30, 2003

China Attracts More Overseas Capital for Port Construction

China has attracted over 4.3 billion US dollars in overseas capital for port development and construction so far, Economic Information Daily reported Monday.

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China has attracted over 4.3 billion US dollars in overseas capital for port development and construction so far, Economic Information Daily reported Monday.

The newspaper quoted sources from the Chinese Ministry of Communications as saying that there were 25 foreign indirect investment port projects and another 30 foreign direct investment port projects across the country.

The 25 foreign indirect investment port projects were mainly projects financed by foreign loans totaling 2.34 billion US dollars, including loans from the World Bank, the Asian Development Bank and the Japanese government.

The 30 port projects invested directly by foreign investors involved a total investment of 3.27 billion US dollars, of which, overseas investment made up 2 billion US dollars, said the newspaper.

China now has over 130 open ports and Sino-foreign loading, unloading and storage ventures total 180.

The newspaper cited a ministry official saying the country's port handling capacity will grow by an annual rate of 10 percent in line with China's fast economic and foreign trade developments.

It is estimated that by 2005, China's coastal port handling capacity will amount to 2 billion tons. The country's current port handling capacity stands at 1.6 billion tons.

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